Recent Graduates Have Student Loan Debt Relief Options
Some young adults who graduate college without a job lined up may take one look at the unemployment figures and begin worrying about how they will repay their student loan debt. But there are a variety of options available for individuals to lessen their financial burden.
According to Wisconsin news station, WXOW, young adults who choose to volunteer with certain nonprofit organizations, such as AmeriCorps or the Peace Corps, for a defined period of time may be able to reduce their federal student loan amount by a certain percentage or receive funds to pay down a portion of their outstanding balance.
Under the National Defense Education Act, graduates who decide to enter the teaching field at low-income, high-risk schools may also be eligible to cancel 85 percent of their loan amount if they teach in the area for a five-year period, the news station reports.
While various state, federal and individual organization's programs provide loan repayment or cancellation offerings to students based on a variety of factors, young adults who do not qualify and cannot make their payments should contact their lender immediately. Notifying the issuer may help the borrower learn about options they did not know existed.
The death of a child is difficult enough for a parent to face, bu... Read more
As unemployment rates remain high, many recent college graduates ... Read more
With millions of families seeking debt relief from mounting credi... Read more
The most recent data released to the public on the rate of studen... Read more
More recent graduates are failing to meet their student loan repa... Read more
New government regulations in place for consumers in need of debt relief for credit cards and other unsecured debts.